Mo' Money Podcast | Personal Finance with Jessica Moorhouse

Millennial money expert, Accredited Financial Counsellor Canada® and podcast host Jessica Moorhouse interviews top personal finance & business experts like John Lee Dumas, Chris Guillebeau, Bruce Sellery, Preet Banerjee and Rob Carrick, as well as inspirational entrepreneurs, authors, bloggers, friends and family to help you learn how to manage your money better, make smarter choices, earn more money, become debt-free and live a more fulfilled and balanced life.
New episodes air every Wednesday. For helpful resources, blog posts and podcast episode show notes, visit jessicamoorhouse.com. To enquire about being a guest on a future episode, visit jessicamoorhouse.com/podcastsubmissions.

Thinking of jumping into the housing market? There's a lot to know and even more pressure to make a good decision (it is the biggest purchase of your life after all). I talk with Penelope Graham, Managing Editor of Zoocasa to find out what potential home buyers should know before buying their first place.

Long description:

If you have some questions about the home buying process, my guest Penelope Graham, Managing Editor for Zoocasa, has the answers!

Penelope was actually one of the panelists for my Millennial Money Meetup #2 in May 2017, and the focus for that event was homeownership and renting vs. buying. She was one of the top voted panelists by attendees, so I knew I needed to bring her on the show to share her wisdom.

Having bought my first place just a year ago, I still remember all the stress, research and more stress that went into finally signing on the dotted line. Toronto is a hot market, so I knew I needed to be prepared and not take this home buying process lightly.

Now that that’s behind me, I want to make sure that other millennials who are thinking of buying are just as well informed and prepared for this very big purchase. And if you have any questions after this episode, contact Penelope and she’ll be happy to guide you on the right path!

Tips If You’re Thinking of Buying Your First Place

Remember that getting pre-approved for a mortgage is your first step. This will help you figure out how much mortgage you’ll be approved for, and how much you can afford and what your budget should me. Also, don’t borrow the maximum you are approved for, especially if only putting 5% down. You don’t want to be house poor after all!

Interview potential realtors as if it was a job interview (because to them, it actually is!). Make sure you pick a realtor that’s the right fit for you, ask for their stats (how much homes sold/bought for clients), ask for references, and make sure they are a full-time realtor and completely invested in working with you.

When given a buyer representation agreement from your realtor, negotiate a term for the contract that suits you best (ie. no longer than 3 months). This way, you can end the relationship if it’s not working and you won’t be tied to a lengthy contract.

There’s a new way to get rid of stuff you want to get stuff you need, and I chat with Eli Klein, Manager, Publicity & Partnerships at Bunz all about it.

Long description:

The first time I heard about Bunz, I thought it was a really intriguing concept. Instead of being a copy of Kijiji or Craigslist where you trade your used goods for money, Bunz was taking it really old-school by being a platform all about trading goods for goods.

The last time I heard about something like this, Hudson’s Bay was a fur trader, not a big department store.

The more digging I did, the more I fell in love with what Bunz is all about. It wasn’t just about trading, it was about building a community, disrupting modern capitalism and focusing on good will and helping people in need. It’s also about helping millennials specifically navigate this new world we’re in where incomes are low, prices are high, and we also need to think about living more sustainable and environmentally consciously.

So, I was really thrilled when Eli Klein, Manager of Publicity & Partnerships at Bunz, reached out to me because I actually really wanted to have someone from the core Bunz team on the show. In this episode, we chat more in-depth about what Bunz is and it’s main philosophy, as well as the different aspects of Bunz including trading with the app and the hundreds of Facebook groups (which I’m obsessed with).

Helpful Resources

Check out the Bunz blog to read stories from the Bunz team & community and more

I chat with Questrade CEO and founder Edward Kholodenko about DIY investing, how to get started and why fees can affect your bottom line.

Long description:

DIY investing is becoming more and more popular, and it’s easy to see why. It puts the investor in the driver’s seat, having full control of what they’re investing in, and plus it doesn’t hurt that you can save a ton in fees.

In this episode, I chat with Edward Kholodenko, CEO and founder of Questrade, one of Canada’s leading discount brokerages. He shares his story of immigrating to Canada and starting Questrade from the ground up, and why he’s so passionate about empowering investors and educating them on how to do it themselves.

You know the say, there’s no one that cares more about your money than you do. And that’s a big reason why I think DIY investing in index funds and ETFs is becoming more normal amongst millennials. We want to feel in control of our financial futures and we don’t want to just hand our money off to an investment broker and hope for the best. We want to know what’s going on so we can make sure we’re growing our money to it’s full potential.

Ever dreamed of saying "Screw you!" to your 9 to 5 job? Then you'll definitely want to listen to my interview with Screw the 9 to 5 co-founder Jill Stanton on entrepreneurship, choosing making your own opportunity, and making your own money.

Long description:

For this episode of the podcast, I talk to Jill Stanton, co-founder of Screw the Nine to Five. Currently living in Vancouver (but originally from Toronto), her and her husband started an mega-successful online business because at the end of they day, they wanted to be able to screw their 9 to 5 jobs and live life on their terms.

That’s why I was so drawn to Jill’s story. She was able to finally find her passion, start a business and essentially become completely location independent. She was even able to live in Thailand for a number of years, needing only her laptop to keep her business going. But as you’ll learn in her interview, it wasn’t that easy to get off the ground. Her and her husband started a number of different businesses before finding one that clicked.

We talk more about the ups and downs of being an entrepreneur, what you should consider financially before screwing your 9 to 5, and how to not let anyone tell you what you can and can’t do as your career.

What to Ask Yourself When Starting Your Business

Does it feel heavy or light? If whatever you’re working on in your business feels heavy, edit it out.

Focus on your plan A and don’t look back. When you have this attitude, you’ll feel more pressure (and motivation) to make it work.

You don’t need a business or marketing background, degree or a business coach to start a business (just take Jill as a prime example). But that being said, work hard, do your research, and be smart with the decisions you make.

For this Listener Series episode, I talk with podcast listener Scott McEachern about what tactics he uses to pay down his debt and save for his financial goals, and a big one is tracking his spending.

Long description:

For this Listener Series episode of the podcast, I chat with Scott McEachern who reached out to me to be on the show after being a long-time listener.

Now, Scott actually works in the financial space, but personal finance is really his passion and it’s what led him to do what he does for a living. A big reason is because his dad worked as a financial planner, so he learned at a young age how to be smart with his money.

And ever since then, he’s put what he’s learned into practice to live a meaningful life that focuses on being intentional with his money.

He shares a number of things him and his wife do to be able to pay off their debt (they have student loans) and work towards affording their financial goals. These things include:

Adding small extra payments to his student loans to pay them off quicker

Buying used cars instead of brand new

Renting a cheaper/smaller place instead of trying to keep up with the Jones’

Delaying starting a family until they are debt free

And most importantly, tracking their spending and income regularly so there are no surprises

I’ve got a ton of checklist, worksheets, quizzes and more to help you get your financial life together, and I’m housing them all in one place — my resource library. It’s free, it’s amazing, get in there!

Do you feel like you keep sabotaging your chance at financial success? You’re not alone, and money coach and personal finance podcaster Whitney Hansen is here to share how to overcome these common financial barriers.

Long description:

For this episode of the podcast, I chat with fellow female podcaster (The Money Nerds Podcast) and money coach Whitney Hansen. I first got to know Whitney over the summer actually when she approached me to speak at her virtual conference called The Money Summit. I had a blast, and as a bit of a humble brag I’m happy to say my session is one of the summit’s most popular (okay, end of brag, I just couldn’t resist).

After the summit, I knew I needed to have Whitney on my show so she could share her financial expertise. Not only is she, like me, a millennial money expert, she has hustled to pay off her debt and save up to be able to live the life she’s always wanted. And, like me, she isn’t afraid to share that she worked hard and long hours to get herself there (you go girl!).

The main focus of our chat however is what the 4 most common things people do to sabotage their finances. As a full-time money coach, Whitney has seen it all and has noticed that many of the people she’s helped make the same mistakes over and over. If you want to make sure you avoid those mistakes, then check out the list below and listen (or watch) my interview with Whitney!

4 Signs You Might Be Self-Sabotaging Your Financial Life

You’re stuck at the same income level for a little while (ie. 3 years)

The American Dream is alive and well, and Lilian Hurn is proof of it! Originally from Lima, Peru, she immigrated to the USA in 2005, but has since retired early and dedicates her time to teaching others how she did it.

Long description:

I know I’m not American, but the idea of the “American Dream” has definitely made it’s way over the border into Canada, and I can’t help but cry ugly tears every episode of Sharks Tank I watch when someone new to the US has managed to go from zero to millionaire.

So, when Lilian Hurn reached out to me after finding my podcast on YouTube and asked to share her story for my Listener Series, I was so excited to be able to have her on the show. She literally is proof that the “American Dream” is alive and well. Originally from Lima, Peru, she immigrated to the USA in 2005 to work for Microsoft. She ended up meeting her husband there, and they’ve both worked together to fulfill their own dream of retiring early.

Now in their 40s, they consider themselves semi-retired, with Lilian’s husband working occasionally as a consultant, and Lilian spending her days as a Spanish-language financial literacy educator. She not only has her own blog called Super Baratisimo Gratis, she also has her own YouTube channel teaching others about the power of personal finance in Spanish!

Learning how to live frugally, work hard, save more than she earned, and earning money outside of her full-time job are what helped Lilian achieve one of her biggest goals in life. She truly is an inspiration, I’m just so glad I ended up putting my podcast on YouTube a year ago!

Since Lilian has her own blog and YouTube channel, she also had some great tips for listeners who want to be able to achieve their financial goals too. Here are some of my favourites.

How to Talk Money with Your Partner

Be persistent (but not annoying). Sometimes it can take a few times to convince your partner to be open, so don’t ever drop the subject and forget about it. Try a different tactic, because it’s so important to be on the same page with your partner

Focus on setting goals together. That’s the best way to motivate your partner to get involved in budgeting, tracking your spending and saving for your future. When you have goals outlined clearly that you can both work towards together, you’ll become a stronger partnership for it.

How to Reach Your Financial Goals Faster

Don’t just rely on your day job to get you there in the time you want. To get to your goals faster, you may need to look outside the box and earn more on the side. Lilian sold stuff around her house she didn’t need on eBay and cut back on unnecessary expenses like a storage locker that cost her husband $50/month.

Luisa Zhou shares how she went from Princeton grad, to climbing the corporate ladder, to quitting her 9 to 5 once and for all to start her own business as one of the most sought after business coaches.

Long description:

I absolutely loved chatting with Luisa Zhou, probably one of the hardest working millennials around. She is all about the hustle which I think is awesome. She has gotten to where she is today in her career because she knows that the only way to success is to work hard. That and some other pieces of wisdom she shares in this episode.

The reason I wanted to talk with her for this episode is because she has some great advice for starting a side hustle, and then turning that into your main hustle while still working full-time. I always cringe when I hear someone’s quit their job to pursue their dream, but clearly didn’t have a solid business plan or enough in savings to sustain them throughout the ups and downs of entrepreneurship.

That’s a big reason why I kept my side hustle as just that for 5 years until I was financially ready and was actually earning enough from my business to make me feel secure enough to leave my job. I certainly didn’t have $100,000 like Luisa did, but I had enough in my bank account that would basically last me a year if for some reason I couldn’t earn a penny during that first year on my own.

Beyond talking about the financial aspect if starting your own business, Luisa also shared some other great tips on how to success and how to promote yourself even at your 9 to 5 so you can grow in your career.

Important Lessons When Starting Out on Your Own

Learn from your failures, don’t quit because of them.

Stay humble.

Figure out how to be a leader for your community.

Stand up for what you believe in.

How to Promote Yourself at Work (without sounding arrogant)

Study how success people around you present and talk about themselves.